Unit 1: Economic Issues - Vocabulary Flashcards

Flashcards for reviewing economics vocabulary from lecture notes.

To __ scarce resources

Allocate

Oil and its __

Substitutes/alternatives

Inputs to the __ process

Production

__ products

Household

__ activity

Economic

Oil-producing __

Nations

To __ the price

Raise

To __ on oil use

Economize

Cutbacks in the __ demanded

Quantity

To __ by surprise

Take

To inflict the __ on the world economy

Upheaval

To __ to prices

Respond

To __ goods and services

Produce

To develop __ substitutes

Artificial

The __ process

Production

To __ off the demand

Choke

To __ consumers to purchase substitute commodities

Encourage

To __ up the price

Bid

__ energy

Solar

__ from sales

Revenues

The __ countries

Industrialized

In __ for

Exchange

In terms of __ as a whole

Goods

To __ the buying power

Raise

To __ oil substitutes/alternatives

Produce

To __ the extra labour

Attract

To __ supply

Exceed

To scarce resources

Allocate: To distribute scarce resources in a way that satisfies competing demands, ensuring efficient use.

Oil and its

Substitutes/alternatives: Other energy sources or products that can be used in place of oil when it is too expensive or limited in supply.

Inputs to the process

Production: Resources such as labor, materials, and energy used to create goods or services.

products

Household: Goods and services that are primarily used by individuals and families for personal needs and daily living.

activity

Economic: Actions involving the production, distribution, and consumption of goods and services.

Oil-producing

Nations: Countries that extract and sell significant quantities of oil.

To the price

Raise: To increase the cost of a product or service, often due to increased demand or limited supply.

To on oil use

Economize: To reduce or use oil more efficiently to avoid unnecessary consumption.

Cutbacks in the demanded

Quantity: Reductions in the amount of a product or service that consumers are willing to buy at a certain price.

To by surprise

Take: To encounter something unexpected, often leading to a reaction or change in strategy.

To inflict the on the world economy

Upheaval: To cause significant disruption and turbulence in economic stability and growth.

To to prices

Respond: To change behavior or decisions based on changes in the cost of goods or services.

To goods and services

Produce: To create or manufacture products and provide services that meet consumer demands.

To develop substitutes

Artificial: To create man-made alternatives that mimic the properties and uses of natural resources.

The process

Production: The process of converting inputs into finished goods or services to satisfy consumer demand.

To off the demand

Choke: To severely restrict or suppress the demand for a product or service, typically through high prices or limited availability.

To consumers to purchase substitute commodities

Encourage: To promote alternative products to consumers, often to reduce dependency on a specific resource.

To up the price

Bid: To offer a higher price for a product, often in competitive situations.

energy

Solar: Energy derived from the sun's radiation, used as a renewable and sustainable alternative to fossil fuels.

from sales

Revenues: Income generated from business activities, such as selling goods or services.

The countries

Industrialized: Nations with advanced technological infrastructure, and high levels of economic development.

In for

Exchange: To trade goods, or services without the use of money.

In terms of as a whole

Goods: Physical items that are produced and offered for sale.

To the buying power

Raise: To improve the ability of consumers to purchase goods and services, typically through wage increases or price reductions.

To oil substitutes/alternatives

Produce: To manufacture alternative energy sources or products that can replace oil.

To the extra labour

Attract: To make labor available and desirable for workers.

To supply

Exceed: When supply is greater than quantity demanded.